2020 Bulkers Ltd. · OSL:2020
2020 Bulkers — Q2 2020 Earnings Presentation
13 slides from 2020 Bulkers's earnings presentation, Aug 13, 2020
Slide 1: Second Quarter 2020 Results
2020 Bulkers Ltd. Second Quarter 2020 Results 13 August, 2020 |
Slide 2: Disclaimer
Disclaimer This presentation (the "Presentation") has been prepared by 2020 Bulkers Ltd. (the "Company") and is made 13 August, 2020 solely for information purposes. The Presentation does not constitute any recommendation to buy, sell or otherwise transact with any securities issued by the Company.
Slide 3: Highlights
Highlights Key events during the second quarter of 2020: • Net profit of US$2.4 million, EPS US$0.11 • Completed the Company’s newbuilding program, with the delivery of two Newcastlemax vessels. Both vessels commenced their respective time charters with ST Shipping/Glencore upon departing the shipya
Slide 4: Key Financials Q2 2020
Key Financials Q2 2020 Income Statement Comments Net profit of US$2.4 million USD million, except per share data Q2 2020 Operating profit of US$4.7 million EBITDA of US$6.9 million Operating Revenues 10.8 Vessel operating expenses (2.9) Earnings per share of 11 cents Voyage expenses (0.5)
Slide 5: Key Financials Q2 2020
Key Financials Q2 2020 Balance Sheet Summary Comments Equity of US$137.9 million and equity ratio of 34.6% USD million June 30, 2020 Interest bearing debt increased from US$200.4 million to US$257.6 million during the quarter, primarily reflecting the Total assets 398.6 draw down on the term loa
Slide 6: Commercial update
Commercial update Commercial performance relative to Baltic 5TC index 45 000 14 000 40 000 12 000 Relative performance in TCE in USD per day 35 000 10 000 USD per day 30 000 8 000 25 000 6 000 20 000 4 000 15 000 2 000 10 000 0 5 000 -2 000 0 -4 000 aug. 19 sep. 19 okt. 19 nov. 19 des. 19 jan. 20 fe
Slide 7: Dividends and Cash breakeven
Dividends and Cash breakeven Monthly dividends reinstated - Monthly dividends reinstated with dividend of US$0.01 per share payable on or about September 5th to shareholders on record as of August 18, 2020 - Based on current spot rates, the Company would expect to to be able to regularly pay out the
Slide 8: Market update
=BULKERS Market update
Slide 9: High Chinese steel production requires more iron ore imports
High Chinese steel production requires more iron ore imports Chinese steel production are at record high levels While iron ore inventories are at low levels historically 50 95 000 45 85 000 40 Days of consumption Million tons 35 75 000 30 65 000 25 20 jan. 09 jul. 09 jan. 10 jul. 10 jan. 11 jul. 11
Slide 10: Australian and Brazilian iron ore exports
Million tons, 3 week moving avg 10 12 14 16 18 20 jan.16 mai.16 sep.16 jan.17 mai.17 sep.17 jan.18 mai.18 sep.18 jan.19 mai.19 sep.19 jan.20 Australian iron ore exports at record levels in 1H 2020 mai.20 3 Million tons, 3 week moving avg 4 5 6 7 8 9 jan.16 mai.16 sep.16 jan.17 mai.17 sep.17 Increase
Slide 11: Brazil iron ore exports should be picking up with Vale guiding for significant increase
Brazil iron ore exports should be picking up with Vale guiding for significant increase in production in 2H vs 1H 2020 Strong correlation between Vale production and Capesize rates Comments 105 35 000 2H 2020 volumes - Vale produced 60 and 67 million tons of iron ore in Q1 and 100 estimated Q2 2020,
Slide 12: Limited supply growth on the horizon and high scrapping activity
Limited supply growth on the horizon and high scrapping activity Dry bulk orderbook as % of fleet Capesize bulk newbuild contracts Capesize scrapping(1) 80% 16 90 70% 80 14 60% 70 12 50% 60 Orderbook as % of fleet 10 Million DWT 50 40% 8 40 30% 6 30 20% 20 4 10% 10 2 0% 0 2005 2006 2007 2008 2009 20
Slide 13: Questions?
=BULKERS Questions?